Our price for probate work in relation to uncontested cases is around £2,500- £3,500.00 plus VAT at 20%, and disbursements. Our change is on an hourly rate of £150.00 plus VAT(at 20%) for work undertaken.
This includes both testate and intestate and taxable and non-taxable estates.
You may wish to consider whether you charge different prices based on the value of the estate involved.
Applying for the grant, collecting and distributing the assets
We anticipate this will take between 12 and 25 hours work at £150 per hour plus VAT at 20%. In this case, the costs is estimated at £3,000.00 (+VAT at 20%) = £3,600.00, plus disbursements.
The exact cost will depend on the individual circumstances of the matter. For example, if there is one beneficiary and no property, costs will be at the lower end of the range. If there are multiple beneficiaries, a property and multiple bank accounts, costs will be at the higher end.
We will handle the full process for you. The above estimate of fee is for estates where:
- There is a valid will
- There is no more than one property
- There are no more than 3 bank or building society accounts
- There are no other intangible assets
- There are 1-6 beneficiaries
- There are no disputes between beneficiaries on division of assets. If disputes arise this is likely to lead to an increase in costs
- There are no claims made against the estate
- There is no inheritance tax payable, and the executors do not need to submit a full account to HMRC
- Probate Fees
- Disbursements (see below)
Disbursements are costs related to your matter that are payable to third parties, such as court fees. We handle the payment of the disbursements on your behalf to ensure a smoother process.
- Probate court fee of £155.00 (See PA3) linkhttps://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/883616/pa3-eng.pdf
- £7 Swearing of the oath (per executor).
- Office Copies for grant of Probate (6 copies) £3.00
- Land Registry search fee 33.00 for each property
- Land Registry assent fee £80.00 (for property of £500,00.00
- Bankruptcy-only Land Charges Department searches (£7.00 per beneficiary).
- £188(estimate) Post in The London Gazette/Local Newspaper – Protects against unexpected claims from unknown creditors. This also helps to protect against unexpected claims.
- Bank charges (CHAPS) £30.00(plus VAT)= £36.00
- Postage charge plus VAT
- Inheritance tax- please refer to the link at https://www.gov.uk/guidance/hmrc-tools-and-calculators
Potential additional costs
- If there is no will or the estate consists of any share holdings (stocks and bonds) there is likely to be additional costs that could range significantly depending on the estate and how it is to be dealt with. We can give you a more accurate quote once we have more information.
- If any additional copies of the grant are required, they will cost £1.50 (1 per asset usually).
- Dealing with the sale or transfer of any property in the estate is not included.
How long will this take?
On average, estates that fall within this range are dealt with within 3-6 months. Typically, obtaining the grant of probate takes 8 weeks. Collecting assets then follows, which can take between 3-6 weeks. Once this has been done, we can distribute the assets, which normally takes 4-5 weeks.
Probate
We can help you through this difficult process by obtaining the Grant of Probate on your behalf. We will also undertake the collecting and distributing of assets.
Inheritance Tax
Please refer to the link at https://www.gov.uk/inheritance-tax-reduced-rate-calculator
Currently, anyone can leave up to £325,000.00 of their total estate, free of inheritance tax, called the nil rate band, and the first £325,000.00 will not be taxable. If the person had lived in his house, there will also be a resident nil-rate band (RNRB), which is currently £175,000.00.
As part of our fee we will:
- Provide you with a dedicated and experienced probate solicitor to work on your matter
- Identify the legally appointed executors or administrators and beneficiaries
- Accurately identify the type of Probate application you will require
- Obtain the relevant documents required to make the application
- Complete the Probate Application and the relevant HMRC forms
- Draft a legal oath for you to swear
- Make the application to the Probate Court on your behalf
- Obtain the Probate and securely send two copies to you
- Collect and distribute all assets in the estate
Example of applying for probate
There is a Will in this case. The decease left his/her residential home, valued at £500,00.00, at the time of death to his 2 sons. He has two executors, who are also his two beneficiaries (his two sons).
The time for the work undertaken is 15 hours. Our fee will be £2,250.00 plus VAT (at 20%= £450.00), that being £2,700.00 plus disbursements as above(see list (a)- (i).
There is no inheritance tax payable in this case, as there us a Nil Rate Band of £325.00 plus a RNRB of £175,000.00.